Average Toronto home prices just dropped by the steepest rate on record Toronto RealEstate
But, while the share of below-million-dollar homes sold was lower than usual, so too was the overall number of homes sold in the Greater Toronto Area.
"February sales in the Greater Toronto Area were down substantially from the pre-rate hike levels of early 2022," reports TRREB, which marked only 4,783 sales last month — 47 per cent less than were sold in February of 2022. "The number of new listings entered into the system was down by a similar annual rate of 40.9 per cent to 8,367.", bouncing back into warmer territory as more competition stokes higher prices
"New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023," said TRREB Chief Market Analyst Jason Mercer on Friday. "This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing
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